Capital Markets Day
Capital Markets Day
Capital Markets Day

Capital Markets Day

doValue presents the Business Plan 2022-2024 to the financial community 

doValue to lead the evolution of the credit servicing industry through investments in technology, strengthening the strategic relationships with its clients and broadening its reference market. 

Read the Presentation >>
Watch the video >>

Have illustrated the strategy for the long-term development of the Group:


Andrea Mangoni, Group CEO, Italy Regional Head
Theodore Kalantonis, Hellenic Region Head, Chairman of doValue Greece and of Altamira Cyprus
Georgios Kalogeropoulos, Group COO
Francesc Nougera, Iberia Region Head, CEO of Altamira Asset Management
Manuela Franchi, Group CFO, General Manager of Corporate Functions
Alberto Goretti, Head of Investor Relations

Andrea Mangoni said:

We are excited to unveil our vision for doValue 2024 and our new business plan. We aim to grow our company primarily organically in the years to come, leveraging on long term and structural market trends and on an increased cross selling activity between the regions in which we already operate. A deep transformation of our operating model will materially improve our profitability. The execution of our business plan will enable attractive and more visible distributions to shareholders, sharing the value created through acquisitions since our IPO. Lastly, accelerating the long-term growth of our business through the widening our reference market will be a key area of focus for us in the next few years.”

 

Business model confirmed, strategic direction enhanced

• Efficient capital light credit servicing business model confirmed
• Adoption of best practices and cross selling between regions to support growth
• Operational model upgrade through doTransformation program
• Broadening of the reference market as further long-term growth driver

Business plan underpinned by organic growth across all regions

• Hellenic Region: mid-single digit revenue growth, superior margins confirmed
• Italy: low single digit revenue growth, margin expansion through operational optimisation
• Iberia: low single digit revenue growth, operational upgrade to support profitability

Guidance for 2021 confirmed

• Gross Revenues of €565-575 million, EBITDA excluding NRIs of €190-195 million (34% margin)
• Net Income excluding NRIs of €45-50 million
• Financial Leverage of 2.0-2.2x as of December 31st, 2021
• Dividend per Share of €0.50 for 2021, subject to approval of corporate bodies

Financial targets for 2024 achievable through organic growth

• Gross Book Value (GBV) stable at c. €160 billion
• Increase in Collection Rate from 4% in 2021 towards 6% by 2024
• Gross Revenues CAGR of 3-4% in 2021-2024
• EBITDA excluding NRIs CAGR of 6-7% in 2021-2024
• EBITDA margin reaching 37% by 2024
• Net Income excluding NRIs CAGR in 2021-2024 of approx. 15%
• Capex of €42 million in 2022 focussed on IT systems and operations, supporting doTransformation
• Cumulated Free cash Flow for 2022-2024 of more than €300 million (pre-dividends and acquisitions)
• Financial Leverage between 2.0-3.0x (Net Debt / EBITDA)
• Business Plan supported by Sustainability Plan approved in December 2021

New dividend policy aimed at increasing shareholders’ distributions and granting them more visibility

• Dividend policy based on a sustainable growth trajectory of Dividend per Share
• Commitment for a Dividend per Share CAGR of at least 20% (2021-2024)
• Expected cumulated dividends of at least €200 million related to fiscal years 2021-2024
• Potential to increase distributions through additional dividends or share buy backs if M&A activity is limited

M&A strategy focussed on consolidation, widening of the reference market and innovation
• Potential consolidation in Southern Europe, priority is acquisition of new clients and new products
• Increase size of the reference market towards data management and performing loan servicing
• Further decrease correlation between revenues and the credit cycle
• Move from labour intensive model to a technology driven model
 

Photos of the event